The SEC filed a suit at the US District Court in New York yesterday against
Joseph P. Collins, a partner at the law firm of Mayer Brown, claiming that he
substantially assisted Refco and its corporate successor, Refco Inc as they
failed to disclose hundreds of millions of dollars in debt and related
transactions.

‘Financial and disclosure frauds are often possible only if an attorney, an
accountant, or some other outside professional assists,’ said Linda Chatman
Thomsen, director of the SEC’s division of enforcement. ‘The commission relies
on these professionals to act as gatekeepers to our markets. We will
aggressively pursue individuals who ignore their professional obligations and
instead assist in their clients’ violation of the federal securities laws.’

Refco, a leading New York-based financial services and commodities brokerage
firm, collapsed in 2005.